JPMorgan Says Javice Firms Billed Millions Just for 'Attendance' (bloomberg.com) 17
JPMorgan Chase is now fighting to avoid paying $10.2 million in disputed legal charges racked up by Charlie Javice, the convicted founder of student-finance startup Frank, after court filings revealed her defense team billed more than $5 million simply for attending her fraud trial -- including on days when court wasn't even in session.
A previously sealed Delaware court filing [PDF] released Monday showed that Javice's total legal tab has reached $74 million, far exceeding the $30 million Elizabeth Holmes spent defending herself in the Theranos case. JPMorgan claims the five law firms representing Javice operated under the mindset that "someone else is paying her bills." The bank's filing focused on Quinn Emanuel and Mintz Levin, the two largest firms on Javice's defense. JPMorgan said Javice had between 16 and 29 lawyers and legal staff present every day of her six-week trial, billing an average of $360,000 daily. No more than four lawyers had speaking roles.
Among the 2,377 pages of receipts submitted for March: a Cookie Monster toddler's toy, lavender and jasmine sachets, 57 hotel room upgrades at $300 per night, and a $900 meal at Koloman, a highly rated New York restaurant. A New York jury found Javice guilty in March of misleading JPMorgan into acquiring Frank for $175 million by fabricating millions of fake users. She was sentenced in September to seven years in prison but remains free on bail pending her appeal.
A previously sealed Delaware court filing [PDF] released Monday showed that Javice's total legal tab has reached $74 million, far exceeding the $30 million Elizabeth Holmes spent defending herself in the Theranos case. JPMorgan claims the five law firms representing Javice operated under the mindset that "someone else is paying her bills." The bank's filing focused on Quinn Emanuel and Mintz Levin, the two largest firms on Javice's defense. JPMorgan said Javice had between 16 and 29 lawyers and legal staff present every day of her six-week trial, billing an average of $360,000 daily. No more than four lawyers had speaking roles.
Among the 2,377 pages of receipts submitted for March: a Cookie Monster toddler's toy, lavender and jasmine sachets, 57 hotel room upgrades at $300 per night, and a $900 meal at Koloman, a highly rated New York restaurant. A New York jury found Javice guilty in March of misleading JPMorgan into acquiring Frank for $175 million by fabricating millions of fake users. She was sentenced in September to seven years in prison but remains free on bail pending her appeal.
Ode to the holidays (Score:2)
Wish I could attend her legal team's New Year's Eve party tonight, gonna be Impressive!
Re: (Score:2)
> worthy of Dickens
The names are so similar. Jarndyce and Jarndyce [wikipedia.org]
Difference in law for the wealthiest people (Score:2)
https://www.bloomberg.com/news... [bloomberg.com]
JPMorgan says Javice firms billed millions just for 'attendance' - Fortune - Bob Van Voris via Bloomberg
- Charlie Javice’s “unconscionable” $74 million tab for legal fees included more than $5 million in charges for lawyers and other staff just for attending her fraud trial, even on days court wasn’t in session.
- Javice, who was convicted in March of defrauding the largest US bank in a $175 million deal,
- Javice’s costs have been much higher th
Hold them in contempt (Score:3)
Those lawyers are corrupt and taking the piss and if the judge does not hold them in contempt, they are equally so.
Nowadays, the only person who can (Score:2)
Bill Clinton was similar. The media called him “slick willie”. Although his shenanigans were pretty tame compared to Trump.
Re: Nowadays, the only person who can (Score:2)
Re: Nowadays, the only person who can (Score:2)
Time for free legal care and a single payer in USA (Score:3)
Re: (Score:2)
You miss the obvious (and intentional) reason.
In the US (to be fair, not just them) you can have as much "justice" as you can afford. They don't call it the dream team for nothing. If you can spend enough money, you can evade all manner of conviction. If you can't, you get stuck with minimum defense, if any. The public defender.
Justice is explicitly for sale. Nobody even pretends otherwise.
Re: (Score:3, Informative)
Fuck These Paywalled Stories! (Score:3, Insightful)
I'm trying to find out why JPMorgan is defending against legal fees. If Javice was found guilty of misleading JPMorgan, then surely JPMorgan has no responsibility for her legal fees.
What am I missing?
Fuck Slashdot posting these paywalled articles!
Re:Fuck These Paywalled Stories! (Score:4, Informative)
I'm trying to find out why JPMorgan is defending against legal fees. If Javice was found guilty of misleading JPMorgan, then surely JPMorgan has no responsibility for her legal fees.
My question as well. Turns out that a Delaware court ruled that the terms of the original Frank deal required JPMorgan to advance and cover her legal defense costs. I wonder how the lawyers that agreed to that deal are sleeping.
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As they most probably got a cut from this, I bet they dream happy dreams.
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It has something to do with JP Morgan having previously acquired her business, Frank. And this somehow puts them on the hook to cover the debts of what is now their subsidiary.
IANAL, but that's the way I read the referenced stories.
JPMorgan lawyers did a whoopsie :o (Score:4, Informative)
“JPMorgan is paying Charlie Javice’s legal fees because the merger agreement and related corporate documents give her a contractual right to “advancement” of defense costs, even in disputes with JPMorgan itself and even after she was accused (and later convicted) of fraud.” ref [ainvest.com]